Tycoon Prasert Prasarttong-osoth resigned on Monday from top positions at two companies after the regulator barred him from holding executive positions in listed firms and vowed to fight the charges of share manipulation.
He resigned as CEO and chairman of Bangkok Dusit Medical Services (BDMS), the country’s largest hospital network, and as CEO and vice-chairman of boutique airline Bangkok Airways (BA), the companies said in statements.
Late on Friday, the Securities and Exchange Commission of Thailand said Dr Prasert, his daughter Poramaporn and another executive, Narumon Chainaknan, executed and matched trading in BA shares between Nov 2015 and Jan 2016 that caused price and volume to be inconsistent with market conditions.
They were fined 499.4 million baht and barred from holding directorships and executive positions in listed companies.
Ms Poramaporn, chief operating officer at BDMS, and Ms Narumon, executive secretary to the CEO at BA, also resigned from their positions on Monday.
The accused will "prove their innocence in the matter", the companies said.
Currently, Dr Prasert holds 18.4% of BDMS and nearly 6% in BA, while Ms Poramaporn has a 6.49% stake in the boutique airline, according to Refinitiv data.
BA shares fell more than 7% while BDMS slid 8.5% on Monday.
